U.S. Crude Oil Crashes to Lowest Levels Since June 1999

Things are going from bad to worse for U.S. crude oil. On April 17, West Texas Intermediate futures for May delivery hit an intraday low of $17.31 per barrel. The last time U.S. oil prices were this low was almost 21 years ago in June of 1999, when Shania Twain and the Backstreet Boys were topping the charts with That Don't Impress Me Much and I Want it That Way. 

The ongoing COVID-19 crisis is hitting the oil industry hard. Initial fears that oil demand would fall as much as 20 million barrels per day -- a 20% drop in global consumption many thought was outlandish -- are now proving to have been conservative. Global demand is now expected to be as much as 35% lower through April and into May as global transportation and industrial activity remains idled. 

Image source: Getty Images.

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